Bookkeeping is an essential component of any ongoing enterprise. It is the meticulous process of recording and organizing financial transactions, and represents the backbone of the financial system for both small businesses and nonprofit organizations. And while the fundamental principles…
Once you’ve decided your mission, developed an operations strategy and started building a team, it’s time to prepare and file your incorporation documents and 501(c)(3) status applications. If you’ve done your homework properly in documenting your mission, strategy and plans,…
We have discussed at great length the fact that all tax-exempt organizations are required to file some version of IRS Form 990 each year. As we have also discussed, failure to file a Form 990 for 3 consecutive years results…
About this time every year, the IRS issues a number of Revenue Procedures, which are official, formal pronouncements regarding the manner in which it will handle specific tax situations. Revenue Procedures don’t exactly make law (only Congress can do that…theoretically,…
Applying for tax-exempt, 501(c)(3) status has always been a formidable process for the uninitiated. From the planning to the paperwork to the IRS follow-up, it has never been a walk in the park. The Foundation Group has worked with nearly…
Cincinnati, we’ve got a problem! Lately the Internal Revenue Service Exempt Organizations Division has begun to monkey around with the way it treats organizations applying for tax exempt status, particularly those nonprofits that have been around and operating for a…
Helping people start nonprofit organizations is one of the most important things we do at Foundation Group. In fact, we have helped over 14,000 organizations get started since 1995. The following is really more of an overview than an exhaustive…
The day some nonprofits have dreaded is coming soon. The IRS announced on February 24, 2011 that it will soon publish the list of 501(c) nonprofit organizations that had their tax exemption automatically revoked for nonfiling of Form 990 information…
Doomsday is coming…May 18, 2010 to be exact. No, it has nothing to do with the Mayan calendar ending (that’s 2012!). May 18 is the day that nearly 1/4 of all US nonprofits find that the IRS has automatically revoked…